Location: Dubuque, IA | Metro: Dubuque, IA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $234,474 | 0.48% | F |
| 3BR | $1,500 | $312,860 | 0.48% | F |
| 4BR | $1,850 | $429,532 | 0.43% | F |
| 5BR | $2,146 | $640,988 | 0.33% | F |
U.S. Census Bureau data (2024)
Dubuque, Iowa's ZIP code 52003 stands out with its relatively high median income of $98,908 and median home value of $332,084. This ZIP code is home to 13,796 residents, with 11.1% of them renting their homes. The rental market in this area is influenced by the Federal Housing Administration (FHA) Fair Market Rent (FMR), which for fiscal year 2024 is set at $970. In comparison, the Census American Community Survey (ACS) reports the market rent at $932, indicating that the FMR slightly exceeds the actual market rate.
The discrepancy between the FMR and the market rent suggests that landlords participating in the Section 8 program can expect to receive higher rents than those offered in the open market. This makes the ZIP code an attractive option for landlords who wish to secure stable rental income through government subsidies. The voucher system ensures that eligible tenants can afford the rent, reducing the risk of vacancy and non-payment. For small-portfolio investors, the opportunity to tap into the Section 8 market could provide a steady stream of income, particularly if they invest in properties that cater to the needs of subsidized tenants.
The data signature for ZIP 52003 reads as stable. With a significant portion of the population renting and a median income that supports housing affordability, the demand for rental properties is likely consistent. The median home value also indicates a stable real estate market, suggesting that property values are unlikely to fluctuate drastically. Landlords and investors should be aware that while the FMR provides a subsidy above the market rate, the overall economic conditions of the area remain favorable for maintaining a steady occupancy rate and rental income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.